Commercial Laws

Quick Legal Advice

7604047601

Vidhikarya has a vast network of Lawyers in Kanpur. Connecting with Lawyers through Vidhikarya is fast and cost effective. Let us know your requirement and we will get back with the best solution for your legal need.

What are governing rules or acts to establish commercial law in India?

What is commercial law?

Commercial Law does not have a fixed meaning in India. Broadly speaking there is not much distinction between a commercial and a non-commercial contract. Specialised Commercial Courts do not exist however for purposes of expeditious adjudication special courts are set up from time to time. As a matter of general practice, commercial laws include all the laws that can be attracted as per the factual nature of the commercial setting, i.e. the applicable laws vary from case to case.

Commercial Laws could have been derived from multiple sources. The Legislature is evidently the most prominent source as it has a clear binding nature which is beyond questioning in practice. English Mercantile Law influences Indian Commercial Laws, for example, Lex Mercantoria influences Indian policies. Judicial Precedents act as a guiding force and can have the same powers as a legislation is the legislative policies are silent on a particular issue. Customs and standard business practices are given importance in the domain of commercial laws, customs can also get legal recognition by Courts accepting them in a precedent or a legislation giving validity to a custom.

However, from the wide plethora of laws that can be applied in the domain of commercial laws, some of the prominent ones include:

The Indian Partnership Act 1932 - A partnership firm is not a distinct legal entity apart from the partners constituting it, i.e. a partnership firm is not a ‘person in law’, but is merely an association of individuals.

The Companies Act 1956 – A company is a juristic person. This Act regulates Companies in India.

The Income Tax Act 1961 – regulates income tax in India. Provides for the method, reliefs etc. available in income taxes

Goods and Services Tax - Goods & Service Tax is a comprehensive tax mechanism wherein all the major indirect taxes have been clubbed as one. It aims at the reduction of the cascading effects of taxes. GST eases the process of doing business.

Indian Contract Act 1872 - Contracts are basically agreements that have the power of legal enforceability and protection. As per Section 2(e) of the Indian Contract Act 1872, agreements refer to ‘every promise and every set of promises, forming consideration for each other’. As per Section 2(h) of the ICA, a contract is “an agreement enforceable by law”. Contracts are governed as per this Act

Negotiable Instruments Act – this Act regulates negotiable instruments which are commonly used in commercial activities. For example, Section 138 of this Act deals with the issue of cheques bouncing.

Consumer Protection Act 1986 - Consumer protection laws aim at the protection of the interests and rights of consumers. These laws aim at changing the mentality of the market from “Caveat Emptor” (let the buyer beware) to “Caveat Venditor” (let the seller beware).

Request a Callback for Legal Help

In case you want us to call you back to understand your legal problem then please submit your details with a brief description of the legal issue that you have. We will call you back.

Successful

Your Request has been successfully taken. We will contact you soon. Thank you !

Name must be provided !

Email must be provided !

Invalid Phone Number !

Category is required !

Service is required !

Details must be provided !

Keep this field blank

Want a Quick Legal Advice From Expert Lawyer

•

Call us at this number for Legal Help at an affordable price

7604047601

Legal Advice Anytime Anywhere

The most trusted and relied upon partner for hiring lawyers for any kind of legal services.

Dynamic Computronics Private Limited (DCPL) has engaged Vidhikarya for a variety of legal services since last year. We have developed a close working relationship and they understand our needs and wor...
more

Subhasis Das

Bhubaneshwar, Orissa

It was a pleasure working with you on my last few legal needs. It is an welcome change for India towards quick, hassle-free and cost effective solution for our legal needs digitally.

Sagar Neel Choudhury

Texas, USA

I wanted to rent out my apartment in Kolkata and had to get the Rental Agreement done. The challenge was being based out of the country I did not have a trusted partner who could get the job done.Whil...
more

Amit Kumar Singh

Country Representative, Agribusiness Systems International, India

We have been taking legal services from Vidhikarya and we are glad to share that their quality of services is commendable. They maintain a high level of professionalism and have been a great support s...
more

Amresh

Singapore

Property related transaction in India can be quite tedious, time consuming and complex.I was pretty apprehensive about my purchases as being an NRI It was not possible for me to do the duediligence m...
more

Sabitri Ghosh

Nimta Kolkata

I am very satisfied with the service provided by your Lawyer.The way they handled my Motor Accident Claim Case which had been pending for 11 years at Barasat District Court,which has been completed wi...
more

Sateesh Kumar

Nagaland

I thought no one can support me but then I thought let me discuss my case with Vidhikarya.I discussed my case they supported me and they given one hope for my loss money recovery purpose.Lawyer discus...
more

Amal Krishna Sircar

Vadodara,Gujarat

Vidhikarya provided me legal services. I found them very knowledgeable, responsive with good communication skills, keeps commitment, very prompt and organized, and reasonably charged.I would highly r...
more

Himanshu Algotar

Mumbai, Maharastra

The advice from lawyer I got was very helpful.He had complete knowledge on subject matter I hadrequested, I didn’t end up paying high fees on my legal matter. The Lawyer gave me clear course of action...
more